Amcor, Zurich, and Berry Global, Evansville, Ind., have entered into a definitive merger agreement in an all-stock transaction.
The combination creates a global leader in consumer packaging solutions, including flexible film and converted film, containers and closures, and a health-care portfolio, with estimated combined revenues of $24 billion and adjusted EBITDA [earnings before interest, taxes, depreciation and amortization] of $4.3 billion.
Amcor CEO Peter Konieczny said, “This combination delivers on our strategy to accelerate growth by putting the customer first, elevating the role of sustainability and orienting the portfolio toward faster-growing, higher-margin categories. We will have a more complete and more sustainable product offering, supported by stronger innovation capabilities, global scale and supply chain flexibility.”
Konieczny will serve as CEO of the combined company, which will operate under the Amcor name and be headquartered in Zurich but will maintain a significant presence in Evansville. The board of directors will expand to 11, with four members nominated by Berry.
“Over the past year, Berry has undergone a significant transformation, completing the spinoff of our HHNF [health, hygiene and specialties global nonwovens and films] business, enhancing our product mix and optimizing our portfolio. Our combination with Amcor is a logical next step in our company’s evolution, and it is a testament to our entire team that we’re well-positioned to build on this momentum and deliver even more value to our shareholders,” Berry CEO Kevin Kwilinski said.
The transaction was unanimously approved by both boards of directors, and closing is targeted in the middle of 2025.
